The project includes a 40MW waste wood-fired power plant on the banks of the River Thames at the Port of Tilbury, Essex.

The Tilbury Green Power facility is expected to generate 300 GWh of green electricity per year, enough to power more than 80,000 homes, when it is commissioned in July 2017.

It will be powered by approximately 285,000 tonnes of waste wood each year, with much of it expected to be supplied by construction sites. Up to 300 jobs will be created during the construction phase and nearly 50 permanent jobs in on-going operations.

The new power plant will be owned by a consortium of the Green Investment Bank (GIB) and the Ireland’s state-owned Electricity Supply Board (ESB) as majority shareholders, and AET as minority shareholder.

Senior debt funding is being provided by Danish Export Credit Agency (EKF), Investec and Rabobank. The Tilbury project is the third biomass power plant project in co-operation by EKF and BWSC.

Anders Heine Jensen, CEO of Burmeister & Wain Scandinavian Contractor, said: “BWSC is very proud of being part of the team who, together with our strong partners, have taken the Tilbury project to financial close. This deal follows last year’s successful financial closure of the Widnes plant and demonstrates BWSC’s strong commitment in providing sustainable energy solutions to the UK.”

Green Investment Bank chief executive Shaun Kinsbury said: “The Tilbury project is well placed to capitalise on the UK’s largest regional waste wood market, generating green electricity and creating local employment from London’s waste resources. The project is also important for marking the first investment of the Irish electricity utility ESB in UK waste and biomass infrastructure.”